Actuant (NYSE:ATU)
Historical Stock Chart
2 Years : From May 2011 to May 2013
Actuant Corporation (NYSE: ATU) today announced that it had given notice
of its intention to redeem all of the outstanding 2.00% Senior
Subordinated Convertible Notes due 2023 (CUSIP No. 00508XAB0) (the
"Notes") on April 27, 2012 at a price payable in cash equal to 100% of
the principal amount of the Notes being redeemed (the “Redemption
Price”), plus accrued and unpaid interest, if any, up to, but excluding,
April 27, 2012. As of February 29, 2012, there was $117,591,000 in
aggregate principal amount of the Notes outstanding.
The Notes are convertible at any time prior to 5:00 p.m. Eastern Time,
April 26, 2012 at a rate of 50.6554 shares of common stock per $1,000
principal amount of the Notes surrendered. The Notes surrendered for
conversion will be settled in stock in accordance with the provisions of
the indenture.
"We are pleased to announce the redemption of the convertible notes,
which since issued in 2003 have successfully served the needs of both
Actuant and the Noteholders," said Andrew Lampereur, Actuant’s Chief
Financial Officer. "Actuant has delivered strong financial performance
including robust cash flow. With this redemption, Actuant will further
reduce its debt leverage with no impact to fully diluted earnings per
share as the share equivalent of the notes have been included in our
fully diluted share count since they were issued. We remain committed to
improving the capital structure of the Company and continue to examine
opportunities to improve shareholder value."
The Company has prepared a notice to holders specifying the terms,
conditions and procedure of the redemption. The notice is available
through The Depository Trust Company (“DTC”) and U.S. Bank National
Association, which is serving as the paying agent. The name and address
of the paying agent and the conversion agent is as follows:
U.S. Bank National Association
60 Livingston Avenue
St. Paul, Minnesota 55107
Attention: Corporate Trust Department
Facsimile: 651-495-8097
To convert interests in a global Note, the holder must comply with the
applicable conversion program procedures of The Depository Trust Company.
About Actuant Corporation
Actuant Corporation is a diversified industrial company with operations
in more than 30 countries. The Actuant businesses are leaders in a broad
array of niche markets including branded hydraulic and electrical tools
and supplies; specialized products and services for energy markets and
highly engineered position and motion control systems. The Company was
founded in 1910 and is headquartered in Menomonee Falls, Wisconsin.
Actuant trades on the NYSE under the symbol ATU. For further information
on Actuant and its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking statements made
pursuant to the provisions of the Private Securities Litigation Reform
Act of 1995. Management cautions that these statements are based on
current estimates of future performance and are highly dependent upon a
variety of factors, which could cause actual results to differ from
these estimates. Actuant’s results are also subject to general economic
conditions, variation in demand from customers, the impact of
geopolitical activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to competitive
pricing and operating efficiencies, supply chain risk, material and
labor cost increases, foreign currency fluctuations and interest rate
risk. See the Company’s Form 10-K filed with the Securities and Exchange
Commission for further information regarding risk factors. Actuant
disclaims any obligation to publicly update or revise any
forward-looking statements as a result of new information, future events
or any other reason.
